Demystifying AI & RPA Technologies for the Indian BFSI & NBFC Sectors

Friday, 13 September 2019(Mumbai): The BFSI sector seems to be raring to go on the AI and automation front, harnessing the maximum advantage of market opportunities. Indian banks such as State Bank of India (SBI) and Bank of Baroda are already betting big on AI. Speaking of the Indian NBFC sector that has been facing a rough stretch due to the recent liquidity crises, India’s shadow banks are seeing a sign of silver lining by revamping their lending processes through state-of-the-art technologies such as AI, Analytics, ML and Automation. Everything from algorithms for alternate credit scores, fraud detection and customer on-boarding, the tech driven NBFC industry has the potential for huge business growth in India. However, being the IT capital of South Asia and a leader in producing IT infrastructure and manpower, where does India stand as a potential contender in the race for AI and RPA leadership among top countries like South Korea, the United States, Germany, Singapore and Japan?

“We are headed into the post-digital era which is creating a whole new market entirely. It has become imperative to keep pace with emerging technologies like AI and RPA that are changing the face of modern businesses. AI-powered applications will help create value by augmenting business processes, especially in the banking sector where customer-centricity is central”, said Sunit Vakharia, CIO of Bank of Baroda Financial Services Limited, who will be sharing more of his views at the upcoming World AI Show (BFSI & NBFC), taking place on 20 September 2019 at the Taj Lands End in Mumbai. The show, organized by international business events and consulting firm Trescon, will facilitate a platform to connect leading experts, technology providers and integrators from the AI space to demonstrate real-world industry use cases, discussions on intelligent automation and adoption challenges of AI & RPA for enterprises and its impact on the BFSI Sector.

Speakers for World AI Show will include, Sonny George, Chief General Manager of State Bank of India; Vivek Zakarde, Head - Analytics, BI & DWH for Reliance General Insurance Company Limited; Sunit Vakharia, CIO of Bank of Baroda Financial Services Limited; Kersi Tavadia, CIO of Bombay Stock Exchange; Rajendranath Mughalraj, Vice President – Information Technology for Bharti AXA General Insurance and Nitin Bhandari, Head - Digital Business, APAC, Western Union, among other top speakers.

When asked about the upcoming event, CEO and Founder of Trescon, Mohammed Saleem said, “The Indian digital ecosystem is budding and companies are venturing into disruptive technologies. The mainstream adoption of AI, ML and RPA across businesses will create a massive economic impact for India in the coming years. World AI Show was curated to spread awareness of more potential real-world use cases of AI for Indian industries by top solution providers and AI experts.”

The event will also honour the top 50 representatives from the BFSI sector & top 50 representatives from the NBFC sector for their contribution within the Indian financial realm.